Blockchain & The EQITII Token
By its very nature, a unit of data typically generated via the Internet of Things is small, specific, transactional and time-sensitive. IoT devices themselves, in many cases, have limited processing capabilities and/or storage potential. Because the EQITII platform will be open and free of transaction fees, and given the small size and frequency of transactions, EQITII has devised a new approach to manage consensus, frequency and the speed of each transaction — one designed to ensure scalability to meet the needs of the market in a world of exploding data generation.
EQITII’s system will be designed to accommodate the specific needs of high-volume, enormously scalable and intermittent low-cost transactions, while ensuring privacy, security and compensation for the data rights holder.
The EQITII network will be based on the Hyperledger Sawtooth and has been customized to the needs of an open, public and distributed network. To allow compensation for data exchange, we’re introducing a new utility Token.
Elements of the network
The EQITII Marketplace will be a platform that consists primarily of service peers, or nodes, powered by Hyperledger Sawtooth.
The peer nodes will communicate with client nodes, which in turn may integrate into a DApp (Distributed Application) or be collocated with a peer node and/or accessed via a web browser.
Each node will manage the blockchain, smart contracts and data exchange, as well as communication with a KYC provider.
Solutions for Developers
Developers wishing to build vertical applications for the exchange of data on the EQITII platform will access the functions and services of peer nodes through a set of RESTful APIs (Application Programming Interfaces). This offers quick and intuitive integration into client nodes.
A set of DApps will be offered at launch.
These will consist of:
- A Marketplace UI integrated with a wallet application for both Android and iOS for use by consumers who want to sell data.
- Fully functional, enterprise ready application examples that will be distributed in the Container Image. These application examples can be accessed by though any web browser.